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Rules of the Nigerian SEC might trouble local exchanges due to huge registration fines.
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The crypto exchange to register with SEC Nigeria has to pay N500 Million naira as application money.
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Ophi said that this might give a chance to foreign exchanges to capture the majority of Nigerian cryptocurrency market.
As per a crypto analyst of Nigeria, the new rules that the nation’s Securities and Exchange Commission (SEC) may prove to be difficult for the regional exchanges and will probably fail to comply with them.
However the analyst added that the recent rules are more favorable for foreign exchange rather than the local crypto related business. Earlier, the bans have largely affected institutional investment in the nation in this specific industry, however, the new regulations might make a path for investment in coming times.
Nigerian crypto analyst Rume Ophi voiced the fear that several crypto exchanges may be forced to scale
We współpracy z: https://www.thecoinrepublic.com/2024/01/04/rules-of-nigerian-sec-will-trouble-local-exchanges-analyst/
